A difference between an oligopolistic and a competitive firm is each firm's profits depend on other firms actions in oligopolistic markets while they do not in competitive markets.
<h3>What is a competitive firm?</h3>
A perfect competition is a market where there are many buyers and sellers of identical goods and services. Buyers and sellers are price takers.
<h3>
What is an oligopolistic firm?</h3>
An Oligopoly is when there are few large firms operating in an industry. A cartel is a type of oligopoly where two or more producers come together to regulate either the price of their good or the quantity of their goods that would be supplied.
Here are the options to the question:
a) each firm's profits depend on other firms actions in oligopolistic markets while they do not in competitive markets.
b) oligopotisfic firms sell completely unrelated products while competitive firms do not.
c) oligopolistic firms sell their product at a price equal to marginal cost while competitive firms do not.
d) oligopolistic firms are price takers while competitive firms are not.
To learn more about oligopolies, please check: brainly.com/question/26130879
